John Boccieri on Free Trade

Put America first when it comes to trade

Unfair trade practices have had a devastating impact on our local communities. Since 2001, the state of Ohio has lost more than 102,000 jobs to China alone. America can become a strong competitor again, but we need a major change in our approach to the
global economy:

Tariffs against countries undervaluing their currency.

Boccieri signed H.R.2378 & S.1027

Amends the Tariff Act of 1930 to require the administering authority to determine, based on certain requirements, whether the exchange rate of the currency of an exporting country is undervalued or overvalued (misaligned) against the U.S. dollar for an 18-month period; and to take certain actions under a countervailing duty or antidumping duty proceeding to offset such misalignment in cases of an affirmative determination. Congress makes the following findings:

The strength, vitality, and stability of the US economy and the openness and effectiveness of the global trading system are critically dependent upon an international monetary regime of orderly and flexible exchange rates.

Increasingly in recent years, a number of foreign governments have undervalued their currencies by means of protracted, large-scale intervention in foreign exchange markets, and this fundamental misalignment has substantially contributed to distortions in trade flows.

This exchange depreciation serves as a subsidy for, and facilitates dumping of, exports from countries that engage in this mercantilist practice.

It is consistent with the agreements of the World Trade Organization and the International Monetary Fund that US trade law make explicit that fundamental undervaluation by an exporting country of its currency is actionable as a countervailable export subsidy and alternatively can be offset by antidumping duties.

Review free trade agreements biennially for rights violation.

review biennially certain free trade agreements (including Uruguay Round Agreements) between the US and foreign countries to evaluate their economic, environmental, national security, health, safety, and other effects; and

report on them to the Congressional Trade Agreement Review Committee (established by this Act), including analyses of specified aspects of each agreement and certain information about agreement parties, such as whether the country has a democratic form of government, respects certain core labor rights and fundamental human rights, protects intellectual property rights, and enforces environmental laws.

Declares that implementing bills of new trade agreements shall not be subject to expedited consideration or special procedures limiting amendment, unless such agreements include certain standards with respect to:

labor;

human rights;

environment and public safety;

food and product health and safety;

provision of services;

investment;

procurement;

intellectual property;

agriculture;

trade remedies and safeguards;

dispute resolution and enforcement;

technical assistance;

national security; and

taxation.

Requires the President to submit to Congress a plan for the renegotiation of existing trade agreements to bring them into compliance with such standards. Expresses the sense of Congress that certain processes for U.S. trade negotiations should be followed when Congress considers legislation providing special procedures for implementing bills of trade agreements.